iStock.com/NicoElNino MDRX Stock: Watching With Great Anticipation
Taking a look at the major market indices like the Dow Jones Industrial Average or the S&P 500, one could assume that stocks are not performing well this year. As a headline, that could be perceived as true, but it is not entirely the truth. In fact, there are a number of stocks and sectors that have gone on to push higher, making new all-time highs and refuting the notion that stocks are not performing well.
Some of the sectors currently standing out are small-cap stocks and consumer discretionary stocks. These groups in particular have pushed higher while the major market indices I mentioned earlier have not.
Small-cap stocks and consumer discretionary stocks are speculative in nature, which means they have a tendency to perform well when both the economy and the stock market are healthy. The fact that both of these sectors are outperforming is an indication suggesting that both the economy and the stock market are healthy and performing well, which bodes well for things going forward.
With this optimistic outlook of things going forward, I have decided to revisit Allscripts Healthcare Solutions Inc (NASDAQ:MDRX) stock.
Allscripts stock has been confined within an extremely large technical price pattern. This pattern has prevented the stock price from sustaining a move toward higher or lower prices. In essence, MDRX stock is trapped within this pattern.
I have been watching this pattern for a very long time because I believe that when Allscripts stock finally breaks free from the confines of this pattern, an extremely powerful move is set to follow.
Before I go into the details of why I believe such an outcome is plausible, let’s take a closer look at this extremely large technical price pattern, which is highlighted on the following Allscripts stock chart.
Chart courtesy of StockCharts.com